Al-Rasheed Group acquires 50% stake in Taif Shipping for SR92.5m

A Saudi investor group led by Mohammed Hadi Al-Rasheed & Partners has acquired a 50% stake in Taif Shipping Co. through a deal valued at SR92.5 million, marking a significant expansion in the Kingdom's oil and gas maritime services sector. The share purchase agreement formalizes an earlier preliminary memorandum of understanding signed in October to invest in Taif Shipping, which specializes in oil and gas extraction services, transportation, and the blending of silica sand and chemicals for energy operations. This acquisition strengthens Al-Rasheed's presence in the energy logistics market and affects stakeholders across Saudi Arabia's upstream oil and gas industry that rely on Taif's specialized transportation and blending capabilities.